I am in the process of selling my home in Ilfracombe and the estate agent has just telephoned to advise that the purchasers are switching law firm. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. Why would a major lender only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Ilfracombe ?
Lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions attribute this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Ilfracombe?
Two types of professional can perform conveyancing in Ilfracombe namely CLC regulated conveyancers or solicitors. Both professionals administer conveyancing services that required to complete the sale or acquisition of property. Both are required to handle Ilfracombe conveyancing on similar quality and guidelines so you can be sure that your conveyancing will be properly carried out and that the requisite procedures will be suitably taken.
When it comes to mortgage companies such as Coventry BS, do Ilfracombe conveyancers incur an annual charge to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I am expecting a AIP from Coventry BS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Coventry BS recommend any Ilfracombe solicitors on the Coventry BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Ilfracombe solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
Various web forums that I have frequented warn that are the main reason for hinderance in Ilfracombe house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Ilfracombe.
I purchased a semi-detached Victorian property in Ilfracombe. Conveyancing practitioner represented me and Bank of Scotland. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the matching property. Is it worth asking Bank of Scotland to clarify?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ilfracombe and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with your conveyancing solicitor who conducted the conveyancing.
How does conveyancing in Ilfracombe differ for new build properties?
Most buyers of new build residence in Ilfracombe approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is completed. This is because builders in Ilfracombe typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Ilfracombe or who has acted in the same development.
I am looking for a flat up to £195,000 and identified one close by in Ilfracombe I like with amenity areas and railway links in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Ilfracombe in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.